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USDCLP Bounces After Reaching Two-Week Low

CHILE
  • After faster-than-expected inflation in January and the maintenance of a hawkish stance by the central bank at its January meeting, Chilean traders expect the central bank to hold the key rate at 11.25% at the next meeting on April 4.
  • The latest BCCH trader’s survey then expects a 25 bps cut in May and a further 75 bps reduction in June.
  • Hacienda USD sales continue to act as a Peso tailwind which reached a two-week high against the USD on Tuesday. Worth noting a fairly consistent size of between $132M-$140M being sold daily throughout February so far.
  • Recent weakness confirmed a resumption of the USDCLP technical downtrend and maintains the bearish price sequence of lower lows and lower highs. Attention is on 771.89, the Mar 29 2022 low. On the upside, initial resistance is seen at 803.14, the 20-day EMA. Key resistance at the 50-day EMA intersects at 831.20.
  • Today, Chile’s Treasury will sell $1.59 billion in bills in local currency due August 2023.
  • There are no major economic data releases in Chile for the rest of the week.
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